I was using hourly chart, but looking at the 5 mins revealed the same thing, that price was having trouble going down. I don't like to sit there when price isn't moving in my direction. Today's was a net profit trade of $2.5 . I had to wait close to two weeks to get a chance for entry, but as I said earlier, if it isn't doing what I expect it to do why stay in? Just because I am out doesn't imply I am not going to jump back in if price weakens. Sitting there and hoping price would go my way had affected my confidence negatively in the past.-entering. I may not be a book perfect enter and stay there until gain is ensured kind of guy. I carry my own scars and tend to avoid too much of pain. In the past I have held bad trades until they ran the account to the ground. This quick trigger keeps my inner demon in check. You probably have easier time staying in and observing calmly. I on the other hand am not so lucky. Summer is here and market behavior might be changing, but despite that I am not losing anything and that's the key. Sooner or later I'll hit my home run otherwise it's fold, fold, and fold all season. On the long side, demand did show up around the top of the hinge on a RET from the BO. This is valid information, indicating that, yes, I see a short based on SLA but there are other forces at play as well. It's hard to tell which one's going to win this battle. Have a good day. Gringo
Then why are you trading the hourlies? I'm not being critical. It just seems to me from the outside looking in that you are more suited for intraday trading and not the longer time frames. Taking it off that quickly is just trading in the noise man. You got to give it a day or two at least on the hourly time frame.
The daily is in view today. The price tried a BO above the hinge that failed, but on the way down couldn't go below the apex of the hinge. The price after bouncing at the hinge with buyers coming it to support it is rising out above. 88 was a potentially risky level which has now been breached. The second thing to notice is that using SLA the SL is broken, there was a RET and price is now rising. SLA daily and The hinge behaviour both are pointing upwards. For me it is long now. It is weird to be looking to the short side a week ago and then looking for the long side. We'll see what happens but I'll be trying to not intervene and micro manage as much. We shall have to wait as see how this pans out. Gringo
Ha ve you tried using the opening move to position yourself in a "free" intraday tarde and then justo rinde the daily trend after a HH is achieved in the daily.
I have looked at it, usually using hourly and then going for the longer term trade. However, the practical aspect of it has been that once I start focusing on 1 min or so, I end up exiting based on it as well. Using the hourly is a bit better and can be used to enter longer term positions a bit earlier and then staying with it. Considering the market has been more or less non-directional in terms of daily intervals, I have stuck with mainly hourly. This entry based on hourly would have been earlier of course. I cannot discount the fact that price is refusing to go down. The uptrend might be about to take hold or not. Here if price fails, I'll just have to scratch is. At least scratching keeps one alive, but yes, there needs to show up some small trend to make for those scratches. Quite a few scratches have ended up with a small profit but generally speaking exiting too quickly is a bit of a issue in my case and observing the small bar interval aggravates the affect on me. I am trying to reduce the number of times I look at price to keep my head straight. At least the fear of getting in is ameliorating. Gringo
Could you annotate your appox entry zone and scratch zone on an hourly chart for the last few scratches including today's? Perhaps it could help with more constructive feedback.
Gringo: My lines are a bit different. I don't have a break of the supply line yet. I guess it's all in where you draw the line.
You're right. The SL or TC is there to give us a relative clue as to our relative position. If you notice my hinge in red, the price refused to continue down on two occasions. Once around 85 and then around 85.53. Both these showed that the buyers when they lowered bids weren't getting hits so they had to raise their bids. This in a way was giving the hint that perhaps sellers weren't that interested in selling anymore at these lower levels. I am playing to that clue, anticipating the price rise. If you look at my chart a page or two back the SL is drawn a bit differently but wouldn't change the analysis by much. One would have gotten in earlier perhaps, based on how one perceives the break of a SL. The tussle between demand and supply is the true measure of strength or weakness in price and the lines are there to kind of keep the bearings in order. Gringo
88.6 for Q's and 3624 for NQ were both again rejected. I wasn't willing to sit there and wait for the inevitable to happen when price tried to go above those levels a few times and failed. Gringo